Study

Is bankruptcy broken?  For some years, many academics and practitioners have argued that the nation's business and consumer bankruptcy systems are outdated or otherwise not fit for their intended purpose.  The course will examine selected topics in bankruptcy law relating to this theme (but focusing most heavily on chapter 11 of the Bankruptcy Code).  Key reading materials will include recent major reports proposing reforms to bankruptcy law, as well as excerpts from the scholarship and leading judicial decisions.  We will consider questions including: what is bankruptcy for? Is it simply a procedural remedy for enforcing substantive rights that exist independent of the bankruptcy case, or an opportunity more fairly to redistribute assets (or losses)? Is bankruptcy special?  Should be Bankruptcy Code be read like any other statute, or do we need special principles for bankruptcy law, and broad equitable powers for bankruptcy courts, to encourage businesses and consumers to reorganize?  We will use case studies like the Purdue Pharma opioid-crisis bankruptcy to assess this.  In the final, consumer bankruptcy component of the course, we will grapple with the reality that most consumer reorganizations are unsuccessful and consider whether the current system strikes the appropriate balance between debtors’ rights and creditors’ protection. 

We will begin each topic by covering the relevant features of bankruptcy law, and you do not need to have taken a bankruptcy class to take this seminar. The objective of the seminar is to provide insight and into and allow for debate of bankruptcy theory and policy; in the process, we will consider the extent to which abstract theories of bankruptcy hold up in the real world, and the topics we cover will include issues of pressing interest to current bankruptcy practitioners. 

Students will be required to participate in class discussions. Students may complete either a series of reflection papers examining the reading materials and topics discussed, or one longer 25-30 page paper designed to satisfy the SRWP. 

Due to substantive overlap in material, students may not concurrently enroll in Law 288: Consumer Bankruptcy & Debt and Law 586: Current Debates in Bankruptcy Law. However, if you've taken one of the courses in a previous semester and wish to take the other, that will be permitted. 

Fall 2022

Course Number	Course Credits	Evaluation Method	Instructor
586.01	Course Credits 2	Reflective Writing Research paper option, 25+ pages Class participation	Jonathan Seymour
Sakai site: https://sakai.duke.edu/portal/site/LAW-586-01-F22
Email list: LAW-586-01-F22@sakai.duke.edu